The Russian ruble is climbing along with oil

The petro-currency is up by 1.1% at 57.3548 per dollar as of 7:49 a.m. ET.

Meanwhile, Brent crude oil, the international benchmark, is higher by 1.1% at $56.19 per barrel.

"Fundamentals in Russia remain strong, but oil remains the main driver," argued Morgan Stanley's James Lord in note including a round-up of EM currency summaries.

"The recent news that the Central Bank of Russia will be intervening to buy USD in the market in quantities equal to the excess oil and gas revenues it receives, will likely lead to profit taking amongst investors," he continued. "Nonetheless, more cautious monetary policy could compensate, and we are not turning bearish on the currency."

As for the rest of the world, here's the scoreboard as of 7:55 a.m. ET:

The US dollar index is down by 0.2% at 100.79. Later on Tuesday, Fed Chair Janet Yellen will appear before the Senate Banking Committee for her semiannual Humphrey-Hawkins testimony. She moves over to the House Financial Services Committee on Wednesday. Additionally, PPI will be out at 8:30 a.m. ET.

The euro is up by 0.2% at 1.0624 against the dollar. The latest data from Eurostat showed that the eurozone economy expanded at a 0.4% rate in the fourth quarter, below economists' expectations of 0.5%. Meanwhile, German GDP missed as well, rising 0.4% in the fourth quarter, below expectations of a 0.5% increase, and the German ZEW Economic Sentiment index came in at 10.4 in February, below expectations of 15.0.

The British pound is down by 0.3% at 1.2485 against the dollar. Data showed that British CPI rose by 1.8% year-over-year in January, below expectations of a 1.9% uptick. Moreover, PPI Input rose by 1.7% month-over-month in January, above expectations of 1.0%.

The Brazilian real is higher by 0.4% at 3.0970 per dollar after retail sales missed. They fell by 4.9% year-over-year in December, below expectations of a 4.5% drop.

The South African rand is up by 1.6% at 13.1197 per dollar. Data showed that the unemployment rate came in at 26.50% in the fourth quarter, a drop from the prior reading of 27.10%.